Cal-Maine Foods (NASDAQ:CALM) earnings for the egg company’s fiscal fourth quarter of 2020 have CALM stock dipping lower on Monday. This comes after reporting diluted earnings per share of $1.24 on revenue of $453.33 million. While that EPS is better than Wall Street’s estimate of $1.20, its revenue misses analysts’ estimates of $454.25 million.
Here’s what else is worth mentioning from the most recent Cal-Maine Foods earnings report.
- Diluted per-share earnings are a positive switch from its diluted losses per share of 41 cents from the same time last year.
- Revenue is sitting 61.6% higher than the $280.57 million from the fiscal fourth quarter of 2019.
- Operating income of $76.09 million is a major change year-over-year from an operating loss of $30.42 million.
- The Cal-Maine Foods earnings report also has it bringing in a net income of $60.46 million.
- That’s much better than the company’s net loss of $19.55 million from the same period of the year prior.
Dolph Baker, chairman and CEO of Cal-Maine Foods, said this about the fiscal Q4 earnings.
“After three fiscal quarters characterized by an oversupply of eggs and depressed market prices, demand for eggs increased and market prices rose 62.4 percent during our fourth fiscal quarter over the average price for the first three quarters, as consumers purchased more eggs for preparing meals at home in response to the COVID-19 pandemic.”
Cal-Maine Foods doesn’t discuss its fiscal 2021 outlook in the current earnings report. That makes sense with the novel coronavirus making markets unpredictable. Many other companies are withholding guidance at this time.
CALM stock was down 1% as of Monday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.